Eltropy Secures $21 Million Investment from K1 to Expand its Digital Communication Suite for Financial Institutions
Eltropy looks to capitalize on its record-setting 2020, with revenue and customer count growing more than 200% year-over-year
Eltropy, Inc. (“Eltropy”), the leading messaging-based platform focused on driving operational efficiency for financial institutions, today announced a $21 million investment from K1 Investment Management (“K1”), a leading investment firm focused on high-growth enterprise software companies. With the investment, Eltropy plans to more than double its headcount and further invest in its all-in-one communication suite.
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Eltropy is the market-leading messaging platform for financial institutions. The company enables credit unions, banks and other financial institutions to communicate with their customers via text message combining speed, security and regulatory compliance. Eltropy’s messaging and workflow platform has driven proven operational efficiency results, such as reducing document submission time for loan applications from over 24 hours to just 33 minutes, on average. Additionally, Eltropy integrates into the core financial service software ecosystem and is compliant with a range of regulatory requirements.
“There is a fundamental shift in the way financial institutions interact with their customers. Financial institutions want immediate and convenient ways of communicating with their banking relationships,” said Ashish Garg, Eltropy CEO and founder. “We’re thrilled to lead the pace of innovation in this market and will be able to further invest in our customers’ digital transformation efforts after our investment from K1.”
“We love working with Eltropy because they always step up to the plate no matter how hard we push them,” said Matt McEwen, director of digital banking at Idaho Central Credit Union. “There aren’t enough good things to say about them.”
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Customer demand for Eltropy’s product suite has increased significantly over the last year due to the complexities of remote work. The company currently serves over 200 financial institutions, including an impressive list of industry leaders such as Patelco Credit Union, SELCO Community Credit Union and Wescom Credit Union. Additionally, the company has built partnerships with and been recognized by CUNA, the national association for credit unions.
“This investment once again proves the value of Eltropy’s product within the Credit Union ecosystem,” said Barbra L. Lowman, president of CUNA Strategic Services (CSS). “Eltropy has consistently shown it is committed to helping Credit Unions provide the best member experience with its digital communication platform. CSS is honored to partner with Eltropy as it continues to increase its growing footprint within the Credit Union industry and beyond.”
“K1 is thrilled to partner with the Eltropy team as they transform the way consumers interact with its financial institutions,” said Christian Grant, Vice President at K1 Investment Management. “The company continues to see mass adoption of its software, with another record bookings month in May 2021, as customers look to automate historically manual communication and workflow tasks.”
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